Casinobit - LIVE ROULETTE - [INVEST] - BEST CASINO OF 2013 - page 18.

geofflosophy

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Activity: 336

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Quote from: elm on September 12, 2013, 04:00:22 AM

Quote from: geofflosophy on September 12, 2013, 03:04:34 AM

Quote from: dooglus on September 12, 2013, 02:16:58 AM

Quote from: elm on September 12, 2013, 12:38:08 AM

did any investor had a chance to withdraw his money?

do You want to say that if the casino owner would pay out the investors that it would be a good business for the owner?

As I understand it, lots of early investors were able to withdraw much more than they deposited, yes.

I don't understand your second question. It's not good business to mess up the calculations and allow people to withdraw other people's coins, but that should be obvious. As to whether it's in his best interest now to try to make up the coins that may be lost, I guess that depends on a whole bunch of things. Like how much trouble it would cause not to pay them back, how likely he is to be caught, how much he owes, and how much he can expect to make from the site if it ever starts running properly again.

I can confirm that I have withdrawn a profit of 3.87 BTC and have another 5.57 BTC still stuck in there of house money. I sent in 3 which grew to 6.11, which I withdrew. Then I sent back another three, which grew to 6.76, of which I withdrew 3.76. The remaining 3 has since grown to 5.57.

@geofflosophy

thank You for giving us some insight. so lets say You are for real (please dont kill me).

so You could withdraw BTC 6.87 and left BTC 3 on casinobit. I would say not bad, You are still 3.87 ahead = more than 100%, but could You tell us the timeframe when did You give him the 1st investment?

now the next question would be if he paid you because it is a ponzi or he really had the net income to pay You and maybe also other investors?
in case of ponzi that would be Sad

in case of net income that would great. in this case I would propose to You and all other investors who still didnt get paid by casinobit, to take over the casino and run it. I would be the first investor then

I posted all four blockchain transactions somewhere earlier, either in this thread or I think more likely in the "How to double your BTC in a week" thread. The first time I withdrew it had to be processed manually by him, he claimed their hotwallet was exhausted. The second time I was able to do it automatically. A lot of people had a similar experience which is why the bankroll is left empty and unable to pay, I think that's a fair assumption to work with until proven otherwise.

bit777

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Activity: 420

Merit: 250

Quote from: elm on September 12, 2013, 04:00:22 AM

Quote from: geofflosophy on September 12, 2013, 03:04:34 AM

Quote from: dooglus on September 12, 2013, 02:16:58 AM

Quote from: elm on September 12, 2013, 12:38:08 AM

did any investor had a chance to withdraw his money?

do You want to say that if the casino owner would pay out the investors that it would be a good business for the owner?

As I understand it, lots of early investors were able to withdraw much more than they deposited, yes.

I don't understand your second question. It's not good business to mess up the calculations and allow people to withdraw other people's coins, but that should be obvious. As to whether it's in his best interest now to try to make up the coins that may be lost, I guess that depends on a whole bunch of things. Like how much trouble it would cause not to pay them back, how likely he is to be caught, how much he owes, and how much he can expect to make from the site if it ever starts running properly again.

I can confirm that I have withdrawn a profit of 3.87 BTC and have another 5.57 BTC still stuck in there of house money. I sent in 3 which grew to 6.11, which I withdrew. Then I sent back another three, which grew to 6.76, of which I withdrew 3.76. The remaining 3 has since grown to 5.57.

@geofflosophy

thank You for giving us some insight. so lets say You are for real (please dont kill me).

so You could withdraw BTC 6.87 and left BTC 3 on casinobit. I would say not bad, You are still 3.87 ahead = more than 100%, but could You tell us the timeframe when did You give him the 1st investment?

now the next question would be if he paid you because it is a ponzi or he really had the net income to pay You and maybe also other investors?
in case of ponzi that would be Sad

in case of net income that would great. in this case I would propose to You and all other investors who still didnt get paid by casinobit, to take over the casino and run it. I would be the first investor then

He most likely was able to withdraw the btc of newer investors due to the flaw 001sonkit exposed in the very beginning.

elm

legendary

Activity: 1050

Merit: 1000

Quote from: geofflosophy on September 12, 2013, 03:04:34 AM

Quote from: dooglus on September 12, 2013, 02:16:58 AM

Quote from: elm on September 12, 2013, 12:38:08 AM

did any investor had a chance to withdraw his money?

do You want to say that if the casino owner would pay out the investors that it would be a good business for the owner?

As I understand it, lots of early investors were able to withdraw much more than they deposited, yes.

I don't understand your second question. It's not good business to mess up the calculations and allow people to withdraw other people's coins, but that should be obvious. As to whether it's in his best interest now to try to make up the coins that may be lost, I guess that depends on a whole bunch of things. Like how much trouble it would cause not to pay them back, how likely he is to be caught, how much he owes, and how much he can expect to make from the site if it ever starts running properly again.

I can confirm that I have withdrawn a profit of 3.87 BTC and have another 5.57 BTC still stuck in there of house money. I sent in 3 which grew to 6.11, which I withdrew. Then I sent back another three, which grew to 6.76, of which I withdrew 3.76. The remaining 3 has since grown to 5.57.

@geofflosophy

thank You for giving us some insight. so lets say You are for real (please dont kill me).

so You could withdraw BTC 6.87 and left BTC 3 on casinobit. I would say not bad, You are still 3.87 ahead = more than 100%, but could You tell us the timeframe when did You give him the 1st investment?

now the next question would be if he paid you because it is a ponzi or he really had the net income to pay You and maybe also other investors?
in case of ponzi that would be Sad

in case of net income that would great. in this case I would propose to You and all other investors who still didnt get paid by casinobit, to take over the casino and run it. I would be the first investor then

geofflosophy

sr. member

Activity: 336

Merit: 250

Quote from: dooglus on September 12, 2013, 02:16:58 AM

Quote from: elm on September 12, 2013, 12:38:08 AM

did any investor had a chance to withdraw his money?

do You want to say that if the casino owner would pay out the investors that it would be a good business for the owner?

As I understand it, lots of early investors were able to withdraw much more than they deposited, yes.

I don't understand your second question. It's not good business to mess up the calculations and allow people to withdraw other people's coins, but that should be obvious. As to whether it's in his best interest now to try to make up the coins that may be lost, I guess that depends on a whole bunch of things. Like how much trouble it would cause not to pay them back, how likely he is to be caught, how much he owes, and how much he can expect to make from the site if it ever starts running properly again.

I can confirm that I have withdrawn a profit of 3.87 BTC and have another 5.57 BTC still stuck in there of house money. I sent in 3 which grew to 6.11, which I withdrew. Then I sent back another three, which grew to 6.76, of which I withdrew 3.76. The remaining 3 has since grown to 5.57.

dooglus

legendary

Activity: 2940

Merit: 1333

Quote from: elm on September 12, 2013, 12:38:08 AM

did any investor had a chance to withdraw his money?

do You want to say that if the casino owner would pay out the investors that it would be a good business for the owner?

As I understand it, lots of early investors were able to withdraw much more than they deposited, yes.

I don't understand your second question. It's not good business to mess up the calculations and allow people to withdraw other people's coins, but that should be obvious. As to whether it's in his best interest now to try to make up the coins that may be lost, I guess that depends on a whole bunch of things. Like how much trouble it would cause not to pay them back, how likely he is to be caught, how much he owes, and how much he can expect to make from the site if it ever starts running properly again.

g83

sr. member

Activity: 448

Merit: 250

Super Smash Bros. Ultimate Available Now!

Quote from: elm on September 11, 2013, 04:02:56 PM

Quote from: btcsql on September 11, 2013, 03:35:12 PM

scammers owes me .1 btc

lol - i have more than 40 BTC in there and can't withdraw

elm

legendary

Activity: 1050

Merit: 1000

Quote from: dooglus on September 11, 2013, 07:41:24 PM

Quote from: elm on September 11, 2013, 03:41:28 PM

[You know what the owners mistake was (math wise)? and I am not sure that every 6th grader will work out the right figures. even if he made a mistake in his math like you are saying I think the investors would accept the new calculation to get less interest.

I think the error was failing to recalculate each investor's percentage of the bankroll when new investment came in.

As a simple example. Suppose there were only 2 investors, you and me. We both put in 100 BTC. The bankroll is 200 BTC and we each own 50% of it. Then a new investor comes along and puts in another 100 BTC. We should now all own 33% of the bankroll, but I think the software was keeping the percentages at 50%. So you could withdraw 50% of the new bankroll, or 150 BTC, and so could I. That would leave the bankroll empty, and the new investor would be out of luck if he also tried to withdraw.

I may be wrong. The site's owner hasn't released any information about why he no longer has the funds available that people trusted him with, so we can't be sure what really went on.

did any investor had a chance to withdraw his money?

do You want to say that if the casino owner would pay out the investors that it would be a good business for the owner?

dooglus

legendary

Activity: 2940

Merit: 1333

Quote from: elm on September 11, 2013, 03:41:28 PM

[You know what the owners mistake was (math wise)? and I am not sure that every 6th grader will work out the right figures. even if he made a mistake in his math like you are saying I think the investors would accept the new calculation to get less interest.

I think the error was failing to recalculate each investor's percentage of the bankroll when new investment came in.

As a simple example. Suppose there were only 2 investors, you and me. We both put in 100 BTC. The bankroll is 200 BTC and we each own 50% of it. Then a new investor comes along and puts in another 100 BTC. We should now all own 33% of the bankroll, but I think the software was keeping the percentages at 50%. So you could withdraw 50% of the new bankroll, or 150 BTC, and so could I. That would leave the bankroll empty, and the new investor would be out of luck if he also tried to withdraw.

I may be wrong. The site's owner hasn't released any information about why he no longer has the funds available that people trusted him with, so we can't be sure what really went on.

elm

legendary

Activity: 1050

Merit: 1000

Quote from: btcsql on September 11, 2013, 03:35:12 PM

scammers owes me .1 btc

are You one of the investors?

elm

legendary

Activity: 1050

Merit: 1000

Quote from: Allaboutbit on September 11, 2013, 02:44:55 PM

Quote from: elm on September 11, 2013, 11:44:52 AM

Quote from: Allaboutbit on September 11, 2013, 10:39:20 AM

Quote from: fat% on September 11, 2013, 05:08:06 AM

Quote from: elm on September 11, 2013, 04:45:03 AM

Quote from: CasinoBit on September 10, 2013, 08:30:55 AM

Sorry for the delays with the payment, 45,000$ isn't exactly a small amount of money.

but as I understand is that he owes 45k and this is not the price he would like to sell. and maybe it is much less worth than the 45k, who knows? only the owner knows this.

Demanding a higher price than what he owes is just plain greed. I think his main intention is to get out of this situation by all means (and to break even of course) and the easiest way would be to just sell this crapload of a casino.

Who in there right mind would pay 45k for this casino? You can have something better built for less than 2k. Remember the new owner would still need to bankroll the bank as well. Don't really see selling it as a viable option. Your talking for close to a 100k investment to buy the site.

thank You for jumping in. this makes a lot of sense what You are saying. but for 2k an online casino? could You give an example?
to tell You the truth until now I didnt understand where the 45k are coming from. could some on explain please? would be very much appreciated.

He's only offering 1 game (roulette) & the feed, layout & bet screen is coming from a service provider which charges a monthly fee. Do a simple google search for companies that offer casino software & you will see for 1 game, 2k is a high price. The coding on the site is very basic, all the coins are held on blockchain wallets. Not much to the site at all. The only big capital outlay is the bankroll for the house. The owner of the site was clueless when it comes to simple math & didn't work out proper calculations for investing in the sites bankroll. Anybody with a 6th grade education & 10 minutes to spare can easily figure out the proper calculation for investors shares of the site bankroll & correct payouts.

You could be right but I dont think that he leased it for a monthly fee. maybe for a share of net win. but thats still a cheap way as You mentioned before.
do You know what the owners mistake was (math wise)? and I am not sure that every 6th grader will work out the right figures. even if he made a mistake in his math like you are saying I think the investors would accept the new calculation to get less interest.

btcsql

sr. member

Activity: 292

Merit: 250

scammers owes me .1 btc

Allaboutbit

member

Activity: 125

Merit: 10

Quote from: elm on September 11, 2013, 11:44:52 AM

Quote from: Allaboutbit on September 11, 2013, 10:39:20 AM

Quote from: fat% on September 11, 2013, 05:08:06 AM

Quote from: elm on September 11, 2013, 04:45:03 AM

Quote from: CasinoBit on September 10, 2013, 08:30:55 AM

Sorry for the delays with the payment, 45,000$ isn't exactly a small amount of money.

but as I understand is that he owes 45k and this is not the price he would like to sell. and maybe it is much less worth than the 45k, who knows? only the owner knows this.

Demanding a higher price than what he owes is just plain greed. I think his main intention is to get out of this situation by all means (and to break even of course) and the easiest way would be to just sell this crapload of a casino.

Who in there right mind would pay 45k for this casino? You can have something better built for less than 2k. Remember the new owner would still need to bankroll the bank as well. Don't really see selling it as a viable option. Your talking for close to a 100k investment to buy the site.

thank You for jumping in. this makes a lot of sense what You are saying. but for 2k an online casino? could You give an example?
to tell You the truth until now I didnt understand where the 45k are coming from. could some on explain please? would be very much appreciated.

He's only offering 1 game (roulette) & the feed, layout & bet screen is coming from a service provider which charges a monthly fee. Do a simple google search for companies that offer casino software & you will see for 1 game, 2k is a high price. The coding on the site is very basic, all the coins are held on blockchain wallets. Not much to the site at all. The only big capital outlay is the bankroll for the house. The owner of the site was clueless when it comes to simple math & didn't work out proper calculations for investing in the sites bankroll. Anybody with a 6th grade education & 10 minutes to spare can easily figure out the proper calculation for investors shares of the site bankroll & correct payouts.

elm

legendary

Activity: 1050

Merit: 1000

[/quote]

Suppose people have invested 375 bitcoins in total at this site. At an average of $ 120 per Bitcoin, that gives you the 45k. The 45k could also include deposits from players that won and didn't receive their bitcoins. Simple as that.
[/quote]

could be, therefore I said that the owner is the only one who knows it. easy as that Grin

why would people invest in an online casino without any security or they could have put it at least on escrow. it could well be that I didnt understand the investment system here

knowitnothing

sr. member

Activity: 294

Merit: 250

Quote from: elm on September 11, 2013, 11:44:52 AM

Quote from: Allaboutbit on September 11, 2013, 10:39:20 AM

Quote from: fat% on September 11, 2013, 05:08:06 AM

Quote from: elm on September 11, 2013, 04:45:03 AM

Quote from: CasinoBit on September 10, 2013, 08:30:55 AM

Sorry for the delays with the payment, 45,000$ isn't exactly a small amount of money.

but as I understand is that he owes 45k and this is not the price he would like to sell. and maybe it is much less worth than the 45k, who knows? only the owner knows this.

Demanding a higher price than what he owes is just plain greed. I think his main intention is to get out of this situation by all means (and to break even of course) and the easiest way would be to just sell this crapload of a casino.

Who in there right mind would pay 45k for this casino? You can have something better built for less than 2k. Remember the new owner would still need to bankroll the bank as well. Don't really see selling it as a viable option. Your talking for close to a 100k investment to buy the site.

to tell You the truth until now I didnt understand where the 45k are coming from. could some on explain please? would be very much appreciated.

Suppose people have invested 375 bitcoins in total at this site. At an average of $ 120 per Bitcoin, that gives you the 45k. The 45k could also include deposits from players that won and didn't receive their bitcoins. Simple as that.

elm

legendary

Activity: 1050

Merit: 1000

Quote from: Allaboutbit on September 11, 2013, 10:39:20 AM

Quote from: fat% on September 11, 2013, 05:08:06 AM

Quote from: elm on September 11, 2013, 04:45:03 AM

Quote from: CasinoBit on September 10, 2013, 08:30:55 AM

Sorry for the delays with the payment, 45,000$ isn't exactly a small amount of money.

but as I understand is that he owes 45k and this is not the price he would like to sell. and maybe it is much less worth than the 45k, who knows? only the owner knows this.

Demanding a higher price than what he owes is just plain greed. I think his main intention is to get out of this situation by all means (and to break even of course) and the easiest way would be to just sell this crapload of a casino.

Who in there right mind would pay 45k for this casino? You can have something better built for less than 2k. Remember the new owner would still need to bankroll the bank as well. Don't really see selling it as a viable option. Your talking for close to a 100k investment to buy the site.

thank You for jumping in. this makes a lot of sense what You are saying. but for 2k an online casino? could You give an example?
to tell You the truth until now I didnt understand where the 45k are coming from. could some on explain please? would be very much appreciated.

Allaboutbit

member

Activity: 125

Merit: 10

Quote from: fat% on September 11, 2013, 05:08:06 AM

Quote from: elm on September 11, 2013, 04:45:03 AM

Quote from: CasinoBit on September 10, 2013, 08:30:55 AM

Sorry for the delays with the payment, 45,000$ isn't exactly a small amount of money.

but as I understand is that he owes 45k and this is not the price he would like to sell. and maybe it is much less worth than the 45k, who knows? only the owner knows this.

Demanding a higher price than what he owes is just plain greed. I think his main intention is to get out of this situation by all means (and to break even of course) and the easiest way would be to just sell this crapload of a casino.

Who in there right mind would pay 45k for this casino? You can have something better built for less than 2k. Remember the new owner would still need to bankroll the bank as well. Don't really see selling it as a viable option. Your talking for close to a 100k investment to buy the site.

fat%

member

Activity: 62

Merit: 10

Quote from: elm on September 11, 2013, 04:45:03 AM

Quote from: CasinoBit on September 10, 2013, 08:30:55 AM

Sorry for the delays with the payment, 45,000$ isn't exactly a small amount of money.

but as I understand is that he owes 45k and this is not the price he would like to sell. and maybe it is much less worth than the 45k, who knows? only the owner knows this.

Demanding a higher price than what he owes is just plain greed. I think his main intention is to get out of this situation by all means (and to break even of course) and the easiest way would be to just sell this crapload of a casino.

elm

legendary

Activity: 1050

Merit: 1000

Quote from: CasinoBit on September 10, 2013, 08:30:55 AM

Sorry for the delays with the payment, 45,000$ isn't exactly a small amount of money.

[/quote]

but as I understand is that he owes 45k and this is not the price he would like to sell. and maybe it is much less worth than the 45k, who knows? only the owner knows this.

fat%

member

Activity: 62

Merit: 10